2012 WNY Economic News

3rd Quarter 2012

The national economy continues to grow at a rate below that needed to return payroll employment to its pre-recession level.  Inflation based on the CPI ticked up slightly in August due in large part to increases in energy prices.  If military and social upheaval in the Middle East interrupts oil flows, we can expect more upward pressure on prices.  Drought in the American mid-west can be another factor that could lead to an acceleration of inflation as food prices escalate.  The local economy is recovering from this recession as it has for most in the last 40 years, less fully than the nation as a whole. 

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2nd Quarter 2012

The BEA earnings report, which has historically served as the basis for our projection of the region’s economic health, has been released for the year 2010.  This issue of WNY Economic News focuses on the relationship between the regional economies of Western New York, the national economy and the international economy. 

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1st Quarter 2012

The national economy has avoided the double dip recession that seemed imminent in September 2011.  The national recovery has remained sluggish however, as payroll employment has continued to increase but at a very slow pace while real GDP growth has been below 2% over the past three quarters.  The regional economy has had an upturn in total employment, which when combined with a substantial increase in earnings per worker could lead to the first positive regional trend since 2007.

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